Am. H.B. No. 348 Summary

• Expands the definition of unclaimed funds to include virtual currency and establishes dormancy periods for various property types ranging from one to fifteen years.

• Increases the minimum threshold for reportable unclaimed funds from $25 to $50, and revises notice requirements allowing electronic communication and certified mail for items valued at $1,000 or more.

• Extends the record retention period for holders from five to ten years, and establishes a ten-year statute of limitations for the director to enforce unclaimed funds compliance.

• Creates new sections establishing small estate succession procedures for unclaimed property (up to $5,000) and requiring online reporting and claiming systems within two years.

• Adds registration requirements for unclaimed property locators and establishes data-sharing agreements between the director of commerce and state agencies to locate property owners.